Dow Heads for Worst Week Since Financial Crisis
It's another wild day of trading for U.S. stocks, as recent volatility persists. The Dow Jones Industrial Average (DJI) has traded in a range of more than 500 points on both sides of breakeven, but was last seen modestly lower. After plunging into correction territory yesterday, the index is now pacing for its worst week since October 2008, during the heart of the financial crisis. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also well off their morning highs, pressured by energy stocks. March-dated crude oil futures were last seen 2.2% lower at $59.82 per barrel -- their lowest level of 2018, and on pace for their worst week in nearly a year.
Continue reading for more on today's market, including:
The cybersecurity stock putting the squeeze on shorts.2 stocks sinking on an Amazon blow. Plus, a big bear bet on Disney; a tobacco concern's stellar earnings; and the internet stock plummeting.
Among the stocks with unusual options volume today is Walt Disney Co (NYSE:DIS), with more than 50,000 puts traded -- 10 times what's typically seen at this point in the day. Most of the action is attributable to the opening of a deep out-of-the-money put spread at the March 75 and 80 puts, according to Trade-Alert. At last check, DIS stock has erased early gains to trade 0.1% lower at $101.20.
The top performer on the New York Stock Exchange today is tobacco concern Alliance One International, Inc. (NYSE:AOI). Shares of AOI are soaring after the company reported better-than-expected fiscal third-quarter earnings, and in response, touched a 13-month high of $18.65. At last check, Alliance One stock was up an outstanding 32% at $17.20.
One of the worst performers on the Nasdaq today is internet stock Web.com Group Inc (NASDAQ:WEB), after the company reported weaker-than-expected fourth-quarter earnings. In response, the stock received a downgrade and price-target cut from B. Riley, to "neutral" from "buy" and to $21 from $31. At last check, WEB was down 18% at $17.80, and fresh off an annual low of $17.20.